“This will show taxpayers we are serious about rolling back the estate tax and prevent a future legislature from reinstituting it,” said Rible (R-Monmouth). “This tax has been destructive to small businesses, forcing many to shut down and leave the state. That’s why economists have cited it as a major factor in the state’s last place economic climate.”

As part of a bipartisan agreement signed by Gov. Chris Christie earlier this month, New Jersey’s estate tax would be phased out over the next two years by changing the threshold from $675,000 to $2 million in 2017 and eliminating the tax completely in 2018.

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WASHINGTON, D.C. - March 18, 2009 - (RealEstateRama) — Today, Senator Frank R. Lautenberg (D-NJ) announced millions of dollars in new funding for New Jersey’s public housing authorities to rehabilitate and modernize public housing units in New Jersey. The capital improvement money was included in the American Recovery and Reinvestment Act signed into law by President Obama.

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U.S Representative Bill Pascrell, Jr. (D-NJ-09) and 10 Democratic members of the Ways and Means Committee sent a letter to Internal Revenue Service (IRS) Acting Commissioner David Kautter requesting an explanation for the agency’s decision to create restrictions on the prepayment of 2017 property taxes that are not included in the Tax Cuts and Jobs Act of 2017 (TCJA).